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Oil reaches new highs for '09 as OPEC regains footing

Published 03/09/2009, Associated Press

Oil prices hit new highs for the year today as investors geared up for the potential of more OPEC production cuts. Benchmark crude for April delivery gained $2.01 to $47.53 a barrel on the New York Mercantile Exchange. Prices reached as high as $48.83 earlier in the day.

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